PSE Circular for Brokers No. 309-98

March 6, 1998 PSE CIRCULAR FOR BROKERS NO. 309-98 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. Date of this Report: March 5, 1998 2. SEC Identification Number: PW-102 3. BIR Tax Identification Code: 350-000-101-528 4. Name of Registrant as specified in its Charter: Manila Electric Company 5. Country of Incorporation: Philippines 6. Industry Classification: (SEC use only) 7. Address: Lopez Building, Ortigas Avenue, Pasig City 8. Telephone Numbers: (632) 631-5571 and (632) 631-5572 9. Former name of former address: Not applicable 10. Securities registered pursuant to Sections 4 and 8 of RSA: Number of Shares of Number of Shares of Title of Each Class Common Stock Outstanding Class "A" - 502,252,218 Class "B" - 334,910,173 Total - 837,162,391 11. Item Number reported: 5 Item 5. Legal Proceedings Copy of ERB Order dated March 3, 1998, received on March 4, 1998, is attached. cdlex SIGNATURE Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Manila Electric Company Registrant (SGD.) ATILANO S. GUEVARRA, JR. Assistant Corporate Secretary ERB CASE NO. 93-118 IN THE MATTER OF THE APPLICATION FOR APPROVAL OF REVISION OR RATE SCHEDULES AND APPRAISAL OF PROPERTIES WITH PRAYER FOR PROVISIONAL AUTHORITY MANILA ELECTRIC COMPANY, Applicant, ORDER In the Board's Decision dated February 16, 1998, applicant Manila Electric Company (MERALCO) was directed to refund to its customers the excess average amount of P0.167/kwh to its customers, the dispositive portion of which is hereby quoted as follows: WHEREFORE, premises considered, the Board hereby authorizes applicant Manila Electric Company to adopt and implement a rate adjustment in the average amount of P0.017 per kilowatthour, effective with respect to applicant's billing cycles beginning February 1994. Accordingly, the provisional relief in the amount of P0.184 per kilowatthour granted under the Board's Order dated January 28, 1994 is hereby superseded and modified and the excess average amount of P0.167 per kilowatthour starting with the applicant's billing cycles beginning February 1994, be refunded to applicant's customers of correspondingly credited in their favor for future consumption. For purposes of refund, applicant MERALCO is hereby directed to submit to this Board, within ten (10) days from receipt hereof, the following data: kilowatthour sales statistics on a per customer class from February 1994 to February 1998, bill frequency for 1997 and other pertinent data that are necessary to implement the directives contained in this Decision." Meanwhile, in a letter submitted by applicant on February 27, 1998, MERALCO requested an additional period of time or up to the end of March, 1998 within which to submit to the Board the necessary data as contained in the Board's Decision dated February 16, 1998. Likewise, it further stated that it has not yet received the revised rate schedules incorporating the P0.167/kwh average reduction which shall become the basis of their rate decrease. LLjur Finding the said request for extension of time meritorious, considering that this required data have to be sourced from voluminous record, the same is hereby granted. However, the Board believes that fifteen (15) days will be sufficient for the applicant to comply with these requirements. Accordingly, MERALCO is hereby ordered to submit to the Board the aforesaid required data, within a non-extendible period of fifteen (15) days from receipt hereof. Likewise, the said private electric utility is directed to submit to the Board a revised rate schedule reflecting the rate adjustment in the amount of P0.017 per kilowatthour, also within a non-extendible period of fifteen (15) days from notice hereof. SO ORDERED. Pasig City, March 3, 1998. (SGD.) NEPTALI S. FRANCO Chairman (SGD.) MELINDA L. OCAMPO (SGD.) ARTEMIO P. MACABO Member Member (Took No Part) BERNARDA C. LAVISORES Member